1870-S Seated dollar sells for $1.3 million

One of the few known 1870-S Seated Liberty dollars sold privately for $1.3 million, reported the seller, Stanford Coins and Bullion of Houston, Texas.

The coin was once owned by famed U.S. coin collector Louis Eliasberg. It is graded AU-53 by Professional Coin Grading Service.

No official mintage was recorded for dollars at the San Francisco Mint in 1870, but at least 11 are believed to exist, according to Stanford president Joe Frisard.

Eliasberg acquired this 1870-S Seated Liberty dollar in the Will Neil sale by B. Max Mehl in 1947, after Neil had purchased the coin from Stack?s George Hall sale in 1945 for $1,450, according to information from Stanford.

Buyer of the rarity was Certified Acceptance Corp., founded and owned by John Albanese, based in New Jersey.

Stanford Coins and Bullion serves investors in precious metals and collectors of rare collectible coins. It is part of the Stanford Financial Group.

Frisard said that the current market for coins is robust.

?Investing in rare coins can bring true value for the client. It is part of an asset diversification strategy in a portfolio, as well as an opportunity to hold a piece of art ? and history. The 1870-S Seated Liberty dollar Eliasberg specimen is a prime example of this,? he said.

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